Singapore Retail Trust Acquires Japanese Mall

Singapore listed Croesus Retail Trust, (CRT), the first Asia-Pacific retail business trust with an initial portfolio located in Japan, has entered into an agreement to acquire Torius Property, a completed retail property located in Fukuoka, Japan for S$95.2 million.

Torius Property is a large-scale suburban retail mall located in the satellite town of Hisayama-machi of Kasuya-gun, which is approximately 13 km from central Fukuoka City in Fukuoka Prefecture, on Japan’s Kyushu Island.

Comprising 36 single or double storey buildings, Torius Property occupies a land area of 257,173 square metres it is one of the largest properties in Fukuoka Prefecture with a diverse and unique tenant mix. The deal offers an attractive NPI yield of 7.8%2 and the Acquisition is expected to be DPU yield accretive

Torius Property will be the eighth property in Croesus Retail Trust’s portfolio, marking its first foray into Kyushu Island, and will be the fourth property acquired by CRT since its IPO in May 2013

CRT’s principal investment strategy is to invest in a diversified portfolio of predominantly retail real estate assets located in Japan and across the Asia-Pacific region and real estate-related assets relating to the foregoing.

The initial portfolio is located in Japan in order to create a core portfolio of stable income generating assets. This serves as a foundation for CRT to pursue development and acquisition opportunities in the Asia-Pacific region, to generate long-term capital value and long-term returns.

CRT is backed by its strategic partners Daiwa House and Marubeni who have contributed two properties. Both have also granted CRT voluntary ROFRs to acquire further predominantly retail real estate assets across Asia-Pacific ex-Japan. Daiwa House is one of Japan's leading real estate business conglomerates while Marubeni is one of Japan's largest general trading companies.

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